Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

Multi State Credit society is registered under Multi State Co-Operative societies act and rules. Society is not a personal institution owned by an individual but is a fully democratic organization managed by Board Of Directors who are elected by the members of the society in the Annual General Meetings and the Board Of Directors also take decisions in a collective manner with total transparency. The Department of Co-Operatives constantly reviews the functioning of the society at regular intervals. Finance companies are usually owned by individuals and frame the so called policies according to the owners. The general members/ depositors/ Investors have no role to play. There are some possibilities of the absence of transparency. Members/ Investors have virtually no knowledge of the affairs/ legal provisions of N.B.F.C. and the statutory liabilities of the N.B.F.C. are also limited. Read More

Posted on 09 May 2016 | 2 Answers

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

Memorandum can be amended by approval in a special General Body Meeting called for the purpose after giving due notice and by approval another special General Body Meeting called after 30 days again. Byelaws can be amended by approval of majority of members in Special General Body Meeting. Such amended byelaws shall be filed with the Registrar within one month. Read More

Posted on 10 May 2016 | 2 Answers

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

No, FDI is not allowed for One Person Company, if it does then it will lose its very nature of One Person Company. Read More

Posted on 13 Apr 2016 | 2 Answers

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

In general partnerships a partner’s liability is joint and several. That means that he or she is liable individually for all the debts and liabilities of the firm irrespective of their share of the partnership. In this case it is normal for partners to give indemnities to each other so that if a creditor pursues one partner, he or she can then claim their share back from the other partners. It is usual for salaried or fixed equity partners to have indemnities from all the equity owning partners in the firm to protect them. The easiest way to limit your liability as a partner is to incorporate your partnership into a Limited Liability Partnership (LLP) where, as the name implies, your liability will be limited.Read More

Posted on 15 Jun 2016 | 2 Answers

Advocate Abhishek Singh | Legistify

Advocate Abhishek Singh
Answered on 06 Jun 2019

For an increase in paid-up capital of the company you need to first Check whether the company is authorised by the AOA to increase the share capital. If it is not you need convene the board meeting for enabling the board to call for extraordinary general meeting to get approval from the shareholders for increasing the authorised share capital. Pass the resolutions for increasing the authorised share capital of the company and corresponding alterations in Memorandum of association and Articles of Association by special resolution. Then Authorise the board to file necessary forms and resolutions with ROC having jurisdiction. Finally you will need to File the e- form SH7 with Roc by paying the requisite fee. You can consult an experienced corporate law lawyer in India, who will help you in your matter.Read More

Posted on 04 Jun 2019 | 1 Answer

Harini S | Legistify

Harini S
Answered on 29 Mar 2019

The basis of allotment of shares in IPO is as per the SEBI guidelines. The bids received are aggregated under different categories. For calculating pro- rata share you need to calculate by dividing the ownership of each person by total numbers of share and then multiplying the resulting fraction by the total amount of the dividend payment. For further clarification you can consult an expert corporate law lawyer in India, who will advice you better in your matter. Read More

Posted on 29 Mar 2019 | 1 Answer

Harini S | Legistify

Harini S
Answered on 18 Mar 2019

With the own consent of the partner, a partner can leave the partnership firm as mentioned in the terms of the deed of partnership. For adding a new partner in a partnership firm, Section 30 of Indian Partnership Act, requires that such partner can be introduced only with the consent of all the existing partner. The consent is put in writing by signing a agreement which is called as Deed of Admission. The Deed of Admission must contain the terms regularly contained in Partnership Deed along with the terms of introduction on new partner. It may specifically contains the details of capital introduced by new partner, the new profit and loss sharing ratio amongst all partners, new terms of payment of remuneration to the partners and other terms and conditions laying down rights and duties of partners, etc. The Deed of Admission must bear the necessary stamp payable under the stamp act applicable in the state in which the partnership deed is signed. It is also advisable to get the deed registered with the Register of Firms of the concerned state in which partnership business is constituted. For futher clarification you can hire a good corporate lawyer in India, who will help you and advise you in your matter.Read More

Posted on 18 Mar 2019 | 1 Answer

Harini S | Legistify

Harini S
Answered on 22 Feb 2019

A number of legal systems make provision for companies trading while insolvent to be unlawful in certain circumstances, and provide for directors to become personally liable for a company's debts if they have acted improperly. In most legal systems, the liability in respect of unlawful transactions only extends for a certain period of time prior to the company going into liquidation. The Directors who continue to trade while insolvent may face disqualification under the Company Directors Disqualification Act 1986. If the liquidator has come across any conduct which makes the director unfit to be involved in the management of a company in the future (which things would include trading while insolvent) the Department for Business, Innovation and Skills will apply to the Court for an order disqualifying the director or directors from acting as a company director for a certain period of time. For more clarification, you can contact a good corporate law lawyer in India.Read More

Posted on 15 Feb 2019 | 1 Answer

Harini S | Legistify

Harini S
Answered on 20 Feb 2019

You can file a debt recovery suit with the help of debt recovery lawyer in india for recovery of dues from clients as an operational creditor. A debt recovery suit is commonly filed as a summary suit under order 37 of the CPC. Order 37 of the CPC is applicable to: 1. All the suits in relation to bills of exchange, hundies, and promissory notes. 2. The suits wherein the plaintiff seeks to recover a debt payable by the defendant, arising either on a written contract or on an enactment where the sum sought to be recovered is fixed or on a guarantee where the claim against the principal is in respect of a debt. The first thing you need to do is to send a debt recovery notice to the other party asking him to return your money within 30 days, or else you will proceed to file a debt recovery suit against him. The lawyer will draft the legal notice and include your details, details of the debtor, the amount taken by the debtor, the time when the loan was taken, the grievance faced and the remedy sought. You can file a suit under this provision if there is a written agreement between you and the other party. You need to consult a debt recovery lawyer to know the applicability of your case under Order 37 of the CPC.Read More

Posted on 12 Feb 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 12 Feb 2019

Import Export Code, Importer Exporter Code or simply, IEC, is a 10-digit code required by a person or company to operate an import-export business in India. An importer cannot import goods and exporter cannot avail benefits from DGFT for the export scheme without an Import Export Code. An IEC is granted by the Director General of Foreign Trade (DGFT) and is valid for a lifetime, requiring no renewal or filing of a return. Any individual or business can apply for IEC registration when it wants to start an import-export business. A business or individual needs an IEC registration in the following cases: When an importer is required to clear his shipments from the customs, IEC is needed by the customs authorities. When an importer transfers money abroad through banks, IEC is needed by the bank. When an exporter has to send his shipments, IEC registration is required by the customs port. When an exporter receives money in foreign currency directly into the bank account, IEC is required by the bank. The documents required for IEC registration for different businesses are different. However, the general documents required to get an Import Export Code includes the following: Cover letter on the business’s letterhead for the issue of IEC Code Number. Copies of the application in Aayaat Niryaat Form ANF 2A must be submitted to the regional Joint DGFT Office. Certificate from the Banker of the applicant firm. Self-certified copy of Permanent Account Number (PAN) Card issued by Income Tax Authority. Passport size photographs of the applicant duly attested by the Banker of the applicant. Bank Receipt/Demand Draft/EFT details as evidence of payment of application fee. Digital Signature Certificate. The IEC registration process in India includes the following steps: An application form is submitted in the specified format of Aayaat Niryaat form no. 2A and filed with the respective Regional office of DGFT. The requisite documents relating to the identity and address proof of the applicant along with bank details are submitted along with the application. Once the application is completed, Digital Signature Certificate (DSC) is filed with the DGFT and required fees for the IEC Registration is paid. Finally, when your application is approved then you would receive the IEC Code in a soft copy from the government. Read More

Posted on 12 Feb 2019 | 1 Answer